E6-2. The following items were taken from the financial records of Melvin Construction Company. E6-3. On December 12, Woodington sold goods on account for a gross price of $40,000. The terms of the sale were 2/10, n/30. As of December 31, when financial statements were prepared, no payment had been received by Woodington. Full payment was received on January 5 of the following year. E6-7. The following items were extracted from the 2012 financial records of Cummins Inc. (dollars in millions): Allowance for doubtful accounts 12 (cr.) During the following year, the company wrote off $5 of accounts receivable as uncollectible and then estimated $6 of the year’s receivables to be uncollectible. The company did not recover any previously written-off accounts.
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